Voyager Digital has been in the news since the crypto platform filed for Chapter 11 bankruptcy protection in July 2021. The company is engaged in ongoing legal proceedings.
Here we take a look at traveler (VGX) circulating tokens provide and analyze who has the most VGX.
Voyager Digital: Origins and history of tokens
Voyager Digital is a US-based cryptocurrency platform that was founded in 2017 by a team of finance and technology industry veterans, including company CEO Stephen Ehrlich, Chairman Philip Eytan and Gaspard de Dreuzy, a serial entrepreneur.
In addition to being a crypto company, Voyager Digital is a publicly traded company listed on the Toronto Stock Exchange (TSX) since 2021 under the symbol VOYG.
As of September 2022, the company hosts over 100 different digital assets through its mobile app and allows customers to earn rewards of up to 12% per year on over 40 cryptocurrencies.
The Voyager Token (VGX) is the native cryptocurrency of the platform. It is designed to reward customers for their loyalty. It was based on the Ethos token. In 2019, Voyager acquired Ethos.io and integrated the team, technology, and native token into its ecosystem.
Until 2020, Voyager operated with multi-token functionality. After 2020, the company integrated its native tokens into a new unique token model called VGX 2.0. Today, VGX maintains a presence on the Ethereum blockchain as an ERC20 cryptocurrency.
According to the project white paper, Voyager uses the VGX 2.0 token to boost platform adoption and functionality. Holding VGX enabled users to earn 7% staking rewards and increased revenue by joining the Voyager loyalty program.
The VGX token has been enthusiastically received. The price hit an all-time high of $11.02 just six months after the token launched in 2017. The uptrend was short-lived and the price fell 96.7% to $0.3678 in August 2018.
The next big jump took place between January and February 2021, when VGX jumped 3,267% to $6.9023, from levels as low as $0.2. At this time, the Uniswap token (UNI) became available on the Voyager platform.
On November 22, 2021, VGX surged to $5 amid general positive sentiment in the crypto market, however, this was the token’s latest peak as it embarked on a bearish run. But since its peak in November, VGX has lost more than 75% of its value, slipping to $0.9188.
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Latest news on crypto travelers
In July 2021, Voyager filed for Chapter 11 bankruptcy as it was heavily impacted by the global crypto crash. Since then, the company has been in and out of court proceedings.
As Voyager progresses through the Chapter 11 bankruptcy process, last deposits revealed on September 8 that the company would auction the remainder of its assets on September 13. The results of the auction will become final at a hearing in court which will approve them on September 29.
In the latest travel token news, potential buyers remained anonymous. However, offers previously made by crypto trading platform FTX have been made public. FTX said in a Press release on July 22 that he would buy Voyager’s assets and loans at their cash value and open accounts for Voyager clients on FTX. This proposal, however, was called a “low-ball” offer by Voyager’s lawyers.
In a presentation of the hearing of the second day on August 4, the company said it had received “higher and better” buyout offers. As of September 12, Voyager said it had been contacted by 88 potentially interested buyers and was in “active discussions” with 20.
Who owns the most Voyager crypto?
So who owns the most Voyager crypto and how is the token distributed?
When Voyager decided to integrate its tokens (VGX and LGO (the native token of a company acquired by Voyager) into one, VGX was exchanged for VGX 2.0 (now known as VGX) at a rate of 1 : 1. The exchange rate of LGO to VGX 2.0 was 6.5356340619:1.
The circulating supply of VGX tokens stood at 222 million. LGO’s outstanding supply was over 33 million. Following the token swap, Voyager elected to create a Tone Growth Pool on an annual basis to power Voyager Loyalty Program rewards, as well as fund promotional campaigns for new and existing customers.
Thus, 40 million new tokens were minted in the first year since the integration, 20 million will be in the second year and 10 million between the third and eighth year.
According to data provided by CoinMarketCap, the total and outstanding supply of VGX, as of September 12, exceeded 278 million tokens. The maximum bid was 297 million.
Voyager has also introduced a new initiative called the Voyager Loyalty Program, which Voyager customers can qualify for by maintaining a certain number of VGX tokens in their accounts. The program has three levels:
Adventurer – customers holding more than 500 VGX
Explorer – clients holding more than 5,000 VGX
Navigator – customers holding over 20,000 VGX
The more VGX customers wager, the higher they move up in these tier categories and the more rewards they earn with each tier.
So who owns the most Voyager crypto?
Over the past few months, VGX whales have gradually reduced their stocks. However, the data revealed by etherscan.io showed that the top 100 holders of VGX tokens, as of September 12, collectively held 97.62% of the total circulating supply.
The website noted that the largest account holding the most travel tokens had 93.9% of the circulating supply, which amounted to 208 million VGX tokens worth $191 million, to September 12. According to the website, the account address is 0x933bb73de8fcfb74415fbc99561623c593bf3b61.
The second largest whale VGX had 1.9% of the total circulating supply, or four million VGX tokens.
The third-largest holder of VGX was an account under the address “Binance 8” which held around 0.18% of the total circulating supply, or around 395,757 tokens.
The fourth and fifth largest traveling whales possessed about 0.14% of the total circulating supply.
While knowing who owns the crypto traveler can be helpful for coin enthusiasts, it shouldn’t be used as the sole reason to trade. Nearly all of VGX’s maximum supply is outstanding, at the time of writing (September 12), which could lead to the possibility of greater volatility. Investors are warned to exercise caution.
According to Invezz analyst Crisous Nyaga, “Uncertainty over Voyager’s collapse and low trading volumes could lead to market manipulation.
“The future of the coin is uncertain and will depend on the outcome of the bankruptcy proceedings. If the company completely ceases operations, it is possible that the VGX token will not survive. On the other hand, if it is acquired, it is possible that the piece will continue to do well.
Anndy Lian, chief digital adviser at the Mongolian Productivity Organization and author of NFT: From Zero to Hero, told Capital.com that retail investors buy VGX based on rumors that the company will be acquired by Binance or FTX.
“I have noted that current investors are still working very hard to promote in different channels in hopes of making VGX a more viable choice for new investors and perhaps attracting more attention so that the buyout can complete faster. These are positive signs from community members who want the token to perform well and resume their staking and cashback rewards,” he pointed out.
Note that analysts’ predictions and opinions may be wrong. Always do your own due diligence before trading. And never invest or trade money you can’t afford to lose.
Who owns Voyager?
Voyager Digital is a publicly traded company. It has been listed on the Toronto Stock Exchange (TSX) since 2021 under the symbol VOYG. The company’s CEO is Steve Ehrlich, who is also a co-founder.
Is there a lawsuit against Voyager?
Voyager filed for Chapter 11 bankruptcy protection in July 2021 and has since been subject to in-court and out-of-court proceedings. The latest filings revealed on September 8 that the company will auction the rest of its assets on September 13. The results of the auction will become final at a court hearing on September 29.
How long has Voyager crypto been around?
VGX was launched in October 2018.